Do you love numbers and have career aspirations in business or perhaps to become an entrepreneur one day? Do you have a keen interest in budgeting and finance? Then getting a degree in accounting is the right option for you.
Having a business degree opens a world of opportunities for you. However, having a master’s degree in accounting gives you a competitive edge. Read below to find out the scope and career pathways after getting a degree in accounting.
Scope of Accounting Degree:
Having a master’s degree in accounting doesn’t restrict you to one department only; instead, you can explore other job options in finance too.
While an accountant focuses on taxes, budget, and audits, a financial expert significantly works closely in economics and banking. Both fields can lead you towards a bright future. However, depending on your interests, skills, and degree, you can find the best job path for yourself.
The accounting field is for you if you have good communication skills and a bird’s eye for financial records. Alternatively, if you are interested in strategic planning and financial management, you might do well in finance. All in all, graduation in any of the two fields opens a door of opportunities in the corporate sector.
While there are significant differences in accounting and finance jobs, most professionals work in synchronization. You might get puzzled as your mind struggles between the debate of finance vs accounting. Therefore, learning about some career prospects is always a good start. For example, if you have a master’s degree in accounting, you can explore career opportunities in the following fields:
The principal duty of an auditor is to ensure that financial statements comply with generally accepted accounting principles (GAAP).
You can choose one of the two options in auditing, i.e., Internal and external. Internal auditors are primarily concerned with the effectiveness of their organization’s governance, risk, and control systems. On the other hand, external auditors are either concerned with tax compliance or the accuracy of business records and the financial condition of an organization. On the other hand, some industries are also concerned with laws and regulations that apply to the organization.
· Forensic Accountant
Forensic Accountant is an ideal career for you after getting a master’s degree if you have an investigative nature. A forensic accountant’s goal is to collect all available documentation and account for all transactions accurately and comprehensively in the financial statements. They are typically hired to investigate and evaluate fraud, claims, and disputes where they reconstruct financial information if some data is missing or unavailable.
· Government Accountant
The position of Government Accountant is for people who want to serve in public organizations. As a public employee, a Government Accountant is responsible for managing budgets, expenses, and revenues for organizations such as the military, law enforcement, and school districts.
You can get an entry-level job as a junior auditor, staff accountants, or tax examiner as a beginner. Once you gain experience, you can move to senior or management-level positions.
· Treasury Analyst
Treasury Analyst is one of the most stable jobs in accounting and finance. However, it also demands a wide range of analytical skills, talents, and qualities to do the job, such as:
o Financial skills
o Verbal and communication skills
o Knowledge of data management software
o Keen observation and decision making
A Treasury Analyst mainly handles cash flows and daily transactions while ensuring compliance with the regulation and tax requirements. Their main goal is to ensure that a company’s cash flow and value are adequate to function correctly.
· Budget Analyst
If you are a number cruncher with an accounting degree, there is no better option for you than Budget Analysis. A Budget analyst ensures that the organizations stay on their financial track with a balanced budget. They help organizations maintain a balanced budget by assisting them to stay on top of their finances. In addition, they keep the company’s finances in check by submitting regular financial reports, consulting on funding issues, and evaluating budget decisions for special projects or one-off expenses.
Though you don’t need a master’s degree to become a stockbroker, having one may make you stand out from your competitors.
A Stockbroker buys and sells stocks, shares, and other securities for private and commercial clients. They get a commission or a fee for their services. You need to have impeccable communication skills for becoming a stockbroker since you will handle your clients’ investments and act as a liaison between them and the stock exchange.
· Corporate Controller
If you like to make strategies and financial recording, you can make a great career as a Corporate Controller. The key job of a Corporate Controller is to prepare financial reports that summarize the company’s activity and forecast its financial situation. Additionally, they make internal policies and procedures to manage and oversee an organization’s budget, cash flow, and credit capability. The job of a financial controller varies according to the company’s type and budget. However, they mainly report to the CFO.
· Chief Accountant Officer
Chief Accountant Officer is an advanced position in the field of accounting. Also known as Accounting Vice President, they do long-term financial planning for the organization. They also oversee a team of finance professionals who meticulously maintain daily financial operations and ensure the company’s financial health. It is common for the CAO to work alongside the CFO and report directly to top management.
There is a pool of corporate jobs for people with a master’s degree in accounting. You can take advantage of the growing demand across industries by tailoring your academic experience to your interests and needs.